Loews Hotels & Resorts recently announced that it has entered into an agreement to acquire the Graves 601 Hotel Wyndham Grand. The property will be purchased from the Graves Hospitality Corporation in a deal that is expected to close in early July.

Loews Hotels & Resorts announced that it has entered into an agreement to acquire the Graves 601 Hotel Wyndham Grand. The property will be purchased from the Graves Hospitality Corp. in a deal that is expected to close in early July.

“We are pleased to be selling to Loews, knowing that they are a first-class company and a good fit for the market, the team members and community. We feel absolutely confident that passing the baton to Loews ensures the hotel will continue to be an asset for Minnesota,” explained Jim Graves, founder of Graves Hospitality.

Located at 601 First Ave. North, Graves 601 Hotel is in the center of the business, theater and entertainment districts in the heart of downtown Minneapolis. The hotel is directly across the street from the Target Center and is connected by the Skyway System.

“Minneapolis is a key market for us as we expand our brand,” said Paul Whetsell, president & CEO of Loews Hotels & Resorts. “Not only is Graves 601 in a prime location, the hotel has a quality product and strong reputation in the market, which makes this a welcome addition to the Loews family.”

Graves 601 Hotel features 255 hotel guest rooms and suites, as well as numerous amenities, such as two restaurants and bars, more than 9,000 square feet of meeting and event space, and a recently renovated spa and fitness center.

Loews Hotels & Resorts currently owns or operates 20 hotels and resorts in the U.S. and Canada. As previously reported by Commercial Property Executive, it is currently developing the new 400-room Loews Chicago Hotel, which is expected to open in early 2015.